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Axis Securities Report
We initiate coverage of JSW Energy Ltd. with a Buy recommendation and a target price of Rs 800/share, implying a potential upside of 26% from the current market price.
JSW Energy operates across the entire value chain of the power sector, with diversified assets spanning 11 states. The company engages in power generation, transmission, and emerging segments, including energy storage systems and Green Hydrogen, positioning itself as a key player in the transition to sustainable energy solutions. It has a total locked-in power generation portfolio of 24.7 GW.
The company aims to achieve 20 GW of total installed capacity (current installed capacity of 7.7 GW) along with 40 GWh/5 GW of energy storage capacity by 2030.
After the recent announcement of the acquisition of the O2 Power platform of 4.69 GW, the company now targets 12 GW of installed capacity by June 2025 (as against the earlier target of 10 GW by March 2025 before the O2 Power acquisition).
The majority of its under-construction and pipeline projects are renewable. Out of its total locked-in capacity of 24.7 GW, ~20.9 GW is from RE capacity.
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